Market Research Report
UK SME Insurance: Distribution Dynamics 2017
|Published by||GlobalData||Product code||382863|
|Published||Content info||47 Pages
|UK SME Insurance: Distribution Dynamics 2017|
|Published: November 7, 2017||Content info: 47 Pages||
With insurers increasingly seeking to grow their share of the SME market competition, further advances in technology have allowed for products to become more specialized, allowing for niche markets to be targeted more accurately. Brokers have remained the most used channel when purchasing insurance, yet their share of the SME market has decreased significantly in 2017 according to the results of our 2017 UK SME Insurance Survey.
SMEs have begun to purchase their insurance products via a number of different channels, and it is clear - particularly in the micro enterprise space - that an omni-channel approach is best for insurers to capture business. Purchasing both directly from the insurer and via price comparison websites have increased. Insurance companies also continue to provide an increasing variety of products that cater more specifically for the smallest of SMEs. Given that businesses of this size represent the majority of SMEs by number, the growth of non-brokered purchasing channels is unsurprising.
Key findings include in this report -
Ensuring policies are easily understood is essential to improving customer satisfaction. In order to increase their share of the market providers should aim to provide a clear and concise explanation as to what is included within cover, as SMEs cited this as one of the key services insurers should provide.
The report "UK SME Insurance: Distribution Dynamics 2017", looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. This report also examines the services SMEs are currently receiving and the additional amenities they would like from their provider going forward. Other influential factors are also taken into consideration, such as the age of the business owner and the age of the business.